The US Department of Justice has unconditionally cleared the proposed US$5bn merger of Alliant Techsystems (ATK) and Orbital Sciences.
On 4 December the Federal Trade Commission informed ATK and Orbital that both the FTC and DOJ had terminated the…
The US Department of Justice has unconditionally cleared the proposed US$5bn merger of Alliant Techsystems (ATK) and Orbital Sciences.
On 4 December the Federal Trade Commission informed ATK and Orbital that both the FTC and DOJ had terminated the Hart-Scott-Rodino waiting period, thereby completing the necessary US regulatory requirements.
Shareholders from both companies will now vote on the merger at special meetings scheduled for 27 January 2015.
Those meetings had been scheduled for 9 December but the launch failure of Orbital’s Antares vehicle shortly after lift-off on 28 October prompted management to put the meetings on hold until a review into the incident was completed.
The review not only looked at the launch failure but also Orbital’s proposed recovery plan and long-term competitive position.
Following its completion, ATK’s board stated that it continued to support the strategic merits of the tax-free transaction and recommends that ATK stockholders vote to approve the issuance of shares to Orbital stockholders.
Orbital’s board also continues to recommend that its shareholders approve the merger.
